A while back, when economic outlooks were better, National Action Financial Services LLC, or NASF, joined with an entity named SITEL, who claims to conduct business globally and was a very profitable customer service outsourcing company (the phone rep whom you can't understand) until the global economy tanked and the conglomerates outlook became less rosy.
SITEL, not educating themselves adequately on U.S. consumer protection laws and underestimating potential liability, began ratcheting up pressure on the NAFS collections operation to increase contributions , who then leaned on consumers too aggressively which won them at least one hefty fine in 2007 for illegal collection practices.
SITEL has not been overly generous in sharing their results since 2006, and there’s speculation that it is experiencing some losses worldwide. The fine that their collections side was penalized was absorbed and doesn't seem to have dampened their over-aggressive confrontational style. It is unlikely, given their worsening financial status, that SITEL will back off their over-zealous behavior very much for the reason that improved earnings from their collections section are now more than ever, urgently needed. Companies with foreign management are notoriously slow to learn about American culture as well as applicable consumer law. They will likely have to take a few more significant legal hits before stepping back and rethinking the risky exposure posed by the current NAFS model.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 15
CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION UNDER SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR SUSPENSION OF DUTY TO FILE REPORTS UNDER SECTIONS 13 AND 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
Commission File No. 001-12577
(Exact name of registrant as specified in its charter)
The Better Business Bureau of Upstate New York said it had already suspended Capital Management Services and National Action Financial Services (NAFS) because each had more than 500 complaints against them.
An Internet search didn’t turn up a publicly available Web site for NAFS. According to an SEC filing, Nashville-based Sitel Corp., an international business process outsourcing company, acquired NAFS in 1996. A Sitel spokesperson didn’t return calls.